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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accounting Concepts | 5–10% | - Internal control fundamentals - Basic accounting principles - Financial statements structure - Recording and summarizing transactions |
| Topic 2: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Expense reimbursement schemes - Payroll schemes |
| Topic 3: Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Topic 4: Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Insurance fraud - Real estate and securities fraud - Healthcare fraud - Financial institution fraud |
| Topic 5: Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Expense and liability understatements - Detection and red flags - Revenue and asset overstatements |
| Topic 6: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash skimming schemes - Cash larceny schemes |
| Topic 7: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Topic 8: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
| Topic 9: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
1. Which of the following statements is TRUE regarding cash-basis accounting?
A) Cash-basis accounting is more complex to use than accrual-basis accounting.
B) Revenues are recorded in the accounting system when money is received.
C) Revenues are generally recognized when services are provided to a customer.
D) Expenses are recorded in the same period as the revenues they help generate.
2. Which of the following scenarios is an example of an economic extortion scheme?
A) A contractor rewards a government employee with concert tickets after winning a contract with their agency.
B) A judge threatens to rule against a defendant during a judicial proceeding unless the defendant pays them money.
C) A driver caught violating the speed limit offers a law enforcement officer payment to avoid receiving a speeding ticket.
D) A purchasing employee and vendor agree to bill the employee's company for services that the vendor did not provide.
3. Forced reconciliation of the account says:
A) To conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
B) To conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
C) To conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
D) To conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
4. Requiring senior staff at a publicly traded company to clear company stock purchases or sales with the company's legal department can help to prevent which of the following types of securities fraud schemes?
A) Selling away
B) Churning
C) Parking
D) Insider trading
5. John is a salesperson whose job requires him to entertain potential clients frequently. When John and another salesperson from a different company take a potential client to dinner, the other salesperson pays for the meal.
John creates his own receipt for the meal and submits the expense for reimbursement from his company.
John's scheme can BEST be characterized as:
A) A fictitious expense reimbursement scheme
B) A multiple reimbursement scheme
C) A mischaracterized expense reimbursement scheme
D) An overstated expense reimbursement scheme
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
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